On the heels of yesterday’s interview with the man who counsels prominent hedge funds, investment banks, institutional money managers, mutual funds, pension funds, and high net worth individuals across the globe, predicting a coming 1987 style meltdown in stocks and eventual hyperinflation, today we have Gabelli & Company saying gold will smash to new all-time highs in 2013.
Here is the exclusive Gabelli & Company piece for KWN where they are forecasting significantly higher prices for gold: “Near the start of 2013 we find that many financial commentators expect gold to underperform most asset classes citing the duration and scope of its performance over the past decade and the feeling that economic and financial normalcy is just around the corner.”
“We will see if this is the case but we note that investor sentiment towards gold, in the developed western economies, is low. In the past this has been a useful buy signal. The current poor sentiment probably reflects the recent trading history of the gold price which has been in a range between $1,550 and $1,800 per ounce.